第二次握手

$默沙东(MRK)$ $百时美施贵宝(BMY)$ $Tectonic(TECX)$

事情要从TCEX聘任的新董事长说起。2026年2月23日星期二，TCEX公告聘任François Nader, M.D., MBA, 成为新任独立董事和候任董事会主席。这无疑是这家公司在公司治理的角度一个大胆的举措，因为Nader博士有着诸多公司管理经验。特别在并购领域，有着出色的成绩。这里就不能不提到一家公司，Acceleron Pharma 。这家公司最后是被默克并购，连带购入公司最为出色的产品—Sotatercept. 而Nader董事长,是从2015年干到了2021年，直到被默克收购。

但为什么说是第二次握手呢？卖个关子，上世纪80年代有部电影就叫《第二次握手》，说的是核物理学家的事业情感故事。我这里说的是一个成功药物Sotatercept成功背后的故事。握手是两个人的事情，对，这个人就是TECX的现任总裁和CEO Alise Reicin. 我分别引用SANA和 Acceleron 的官方简历作说明。（注：Alise Reicin现在还是SANA董事会成员。）

Alise S. Reicin, M.D. has served as a member of our Board since December 2020. Dr. Reicin has served as Chief Executive Officer and President of Tectonic Therapeutic, Inc., a privately held biotechnology company, since August 2020. Prior to Tectonic Therapeutic, she served as President, Global Clinical Development at Celgene Corporation, a public pharmaceutical company, from November 2018 to December 2019. Prior to Celgene, she served as Head of Global Clinical Development at EMD Serono Inc., a privately held pharmaceutical company, from May 2015 to October 2018. Prior to EMD Serono, Dr. Reicin served as Vice President, Program and Pipeline Leadership, Oncology at Merck & Co., Inc., a public pharmaceutical company. Prior to Merck, she was a faculty member at Columbia Medical School and a physician and researcher at Columbia Presbyterian Hospital. Dr. Reicin serves on the board of directors of Homology Medicines, Inc., a public biopharmaceutical company. Dr. Reicin received her M.D. from Harvard Medical School and her B.A. in Biochemistry from Barnard College of Columbia University.

Francois Nader, M.D. has served as a member of our Board of Directors since December 2014 and has served as the Chair of our Board of Directors since March 2015. Since February 2015, Dr. Nader has served as founder and managing director of Jesra Advisors, LLC, a consulting services company. He served as the President and Chief Executive Officer of NPS Pharmaceuticals, Inc., or NPS, from 2008 through February 2015 when NPS was acquired by Shire plc. Dr. Nader joined NPS in 2006 and served as Executive Vice President and Chief Operating Officer until 2008. Dr. Nader has served on the boards of directors of Alexion Pharmaceuticals, Inc. since November 2017 and Moderna, Inc. since December 2019. He has also served as chairman of the board of directors of a private company, Talaris Therapeutics, Inc. since December 2018. Dr. Nader previously served as chairman of the board of directors of Prevail Therapeutics Inc. from 2018 to 2021 and as a director of ArRett Neuroscience from 2016 to 2019, Clementia Pharmaceuticals, Inc. from 2014 to 2019, Advanced Accelerator Applications SA from 2016 to 2018, Baxalta, Inc. from 2015 to 2016, Trevena, Inc. from 2014 to 2015 and Noven Pharmaceuticals in 2009. Before joining NPS, Dr. Nader was a venture partner at Care Capital, LLC, where he served as Chief Medical Officer of its Clinical Development Capital unit from 2005 to 2006. From 2000 to 2004, he served as Senior Vice President, Integrated Healthcare Markets and Senior Vice President, North America Medical and Regulatory Affairs with Aventis Pharmaceuticals. He also held similar positions at Hoechst Marion Roussel and served as Head of Global Commercial Operations at the Pasteur Vaccines division of Rhone-Poulenc. Dr. Nader is a past Chair of the Board of BioNJ, a trade association representing the biotechnology industry in New Jersey, and a former Board member of the New Jersey Chamber of Commerce. Dr. Nader received a French State Doctorate in Medicine from St. Joseph University (Lebanon) and a Physician Executive M.B.A. from the University of Tennessee. We believe Dr. Nader's extensive executive experience in the life sciences industry and his background in research and development qualify him to serve as a member of our Board of Directors.

从这两则上市公司官方简历中，我门可以知道自2015年到2021年Francois Nader, M.D. 一直都是Acceleron董事长。背景就是Satotercept治疗地中海型贫血不力，他主导了转型肺动脉高压的治疗。也就是2015年，Acceleron找到Celgene合作。我们看简历，Alise S. Reicin, M.D 2018年11月-2019年12月是Celgene全球实验药物计划的负责人，这当然会涉及Acceleron的Satotercept，这就是两者的第一次握手。到了2019年12月，Celgene被BMS收购，但是Satotercept的合作没有被BMS继续，所以BMS冲不上一流企业是有原因的，有机会抓不住。

Satotercept最后是被默克得到，通过收购Acceleron。现在已经成为肺动脉高压的当家产品，其中6分钟步行改善距离达到惊人的40米！（凭记忆）。 Dr. Reicin有一个关键经历，简历没有列及--就是作为默克全球实验的负责人，完成了默克K药的全球实验计划。我不知道最后Satotercept被默克得到，和Dr. Reicin有没有关系，但她后来在TECX的做派，妥妥的大公司做派，严谨细致，数据说话！但现在呢，Francois Nader, M.D. 与Alise S. Reicin, M.D 作为同一家公司董事长和CEO，为TX45而合作。而TX在2型肺动脉高压的最大竞争对手就是默克的Satotercept！造物弄人哈！

当然，我更认为他们能第二次握手的关键人物是：Timothy A. Springer, Ph.D.

Co-Founder, Tectonic Therapeutic, Latham Family Professor, Harvard Medical School and Professor of Medicine, Children’s Hospital Boston

Tim is an immunologist and biophysicist serving as Latham Family Professor at Harvard Medical School and Boston Children’s Hospital, and a co-founder of Tectonic. He discovered integrins and their ligands in the 1980s, and this work enabled the discovery of novel treatments for autoimmune diseases including Amevive®, Raptiva®, Campath®, Velcade®, and Entyvio®. Tim is also the founder of the Institute for Protein Innovation. He is a highly successful serial entrepreneur and has been the founder and/or founding investor of multiple biotechnology companies (Morphic Therapeutic, Editas Medicine, Scholar Rock, Moderna, LeukoSite). Tim is a member of the National Academy of Sciences and his honors include the Crafoord Prize, The American Association of Immunologists Meritorious Career Award, the Stratton Medal from the American Society of Hematology, the Basic Research Prize from the American Heart Association, and the 2022 Lasker Award. He received his Ph.D. from Harvard University.

美股投资有Timothy A. Springer定律，凡是质疑Springer的做空者，到目前来看全部失败。从Moderna,到Scholar Rock，无一例外。他财富积累最大的一笔就是早年天使投资Moderna，疫情期间变现。而Dr. Nader 2019 年成为Moderna的独立董事, 到2020年就是疫情行情。命真好。所以这两位至少在Moderna上是有共同语言的。而Alise S. Reicin, M.D则直接是哈佛药学院毕业，她和Timothy A. Springer至少有几十年的学校情谊。抛开其他不谈，现在的TECX是一个大型制药企业的潜在班底在运作！祝福TECX最后能够成功。不要失败啊，否则绝代双骄的戏码就变成Sotatercept的一代天骄。当然，美股的精彩也就在这里，无限可能哈！

后记：

A Study of Sotatercept for the Treatment of Cpc-PH Due to HFpEF (MK-7962-007/A011-16) (CADENCE)

ClinicalTrials.gov ID NCT04945460

Sponsor Acceleron Pharma, Inc., a wholly-owned subsidiary of Merck & Co., Inc., Rahway, NJ USA

Information provided by Acceleron Pharma, Inc., a wholly-owned subsidiary of Merck & Co., Inc., Rahway, NJ USA (Responsible Party)

Last Update Posted 2026-02-27

51 2026-02-26 Study StatusOutcome MeasuresEligibility

Sotatercept就在今天下午完成updates， 正式数据很快会被发布。三期在即。CADENCE (sotatercept) (Sunday, March 29 | 10:45–11:45 a.m. CT)
To evaluate the efficacy and safety of sotatercept in patients with combined post- and pre-capillary pulmonary hypertension associated with heart failure with preserved ejection fraction

This is a remarkable analytical document. The CADENCE data has just been presented at ACC, and the dose-response inversion is the most important finding.

The Dose-Response Inversion — This is the Central Finding

Endpoint 0.3 mg/ kg 0.7 mg/ kg Placebo

PVR reduction -1.02 WU -0.75 WU baseline

6MWD +20.3m +5.8m (NS) —

TTCW HR 0.18 0.59 1.0

SAEs 20% 33% 22%

Discontinuations 0 present —

Higher dose → worse efficacy + worse safety. This is not a minor statistical noise issue. This is a structural signal about the mechanism's relationship with HFpEF physiology.

CADENCE 二期数据内部数据矛盾。0.3 mg/ kg会是3期设计最高剂量。